Good morning.

Everybody doing good.

Um, I guess we'll call to order.

We'll do the approval of minutes for June twelfth, two thousand twenty-five.

A second.

Okay, all in favor.

Okay.

Section three.

Uh, we'll have a section here for public comments.

If anyone would like to say a few words or ask any questions.

If not, we'll move to the presentation of financial progress report for August two thousand twenty-five.

Public infrastructure budget by finance and August progress report by public works.

Hi, good morning.

My name is Paul Boylan.

I'm with the uh accounting department with the city, and I'm going to go over the progress report with financials.

It was expressed at the last board meeting that our budget uh report to be more uh broken out and uh explained.

So if you had that with you today, I believe it was sent.

The stadium includes things such as uh professional services, the construction of the site, team equipment and contingency expenses.

Below that we have the public infrastructure, which is essentially the West 26th Street infrastructure surrounding the stadium.

To the right of that, it is broken up into five columns, which includes the budget, encumbrance, the actual expenses, the amount remaining, and the percentage used.

For example, uh the percentage user explains the uh the amount that has been uh expensed from the budget and uh is shown in percentage form.

Most notably on the uh stadium side, we have $59 million encumbrance, so that just shows that there's been a lot of work done on the project and it is in the pipeline to be expensed.

So by the next time we meet at the next board meeting, you should see a lot of that uh shown up in the actual column.

Uh beyond that, uh, before I move on to the next statement, does the board have any questions about this statement?

Okay, I'll uh move on to the next one, which is more of a detailed explanation of all the expenses incurred as well as the balance.

Umtably on this one uh with the uh cash res cash with agents with US bank.

Uh something I wanted to let the board know is that we are in the process of making our third drawdown from the bank for the amount of uh 14 million.

So at the next board meeting, you should see that represented on the statement.

So where it says 76 million with US bank, that should be roughly 61 million by the time we do the next drawdown.

If there's any other questions that the board may have, I'll be happy to answer.

No in the bank, in other words.

Oh, yeah.

It's still there.

All right.

Okay, thank you.

But when you say draw down from the bank, you just mean um uh monies to cover fields.

Yes, ma'am.

Yes, ma'am.

Yeah, so in other words, this amount here that six million dollars in a fine cash.

Is that what's that?

Is that say uh six million actual the first item on the balance sheet?

Oh, okay.

So let's see from the first item on the budget where it says professional services, six million.

No, she on the balance sheet, okay.

Yes, ma'am.

I I believe so.

Yes.

Okay, thank you.

Okay, thank you.

Thank you, I really appreciate this clarity.

I like this presentation.

So thank you so much.

Well, yeah, and if you need any adjustments, just let us know, we'll be happy to do it.

Thank you.

Thank you.

Okay, we'll move on to number five here.

A resolution authorizing change order number one to the executive architect contract view 230101 for field level adjustments, design revisions to the powerhouse, pattern shop, and third base building, kitchen equipment revisions and coordination, theme regulation coordination, structural and mechanical coordination for Chattanooga Professional Baseball, provided items in the amount of 735,96.75 cents and reimbursable expenses allowance of 45,000 for a total contract value of 5,123,96.75.

Good morning, Sherry Allen, Senior Advisor for Economic and Community Development.

Um, I am filling in today for Bill Payne and for Clay Oliver.

Um we do have a public works update slide presentation we'd like to present before we get to this item.

If there's a new slide, I'll go through that.

Perfect.

I'm going to start with the updates and then we'll go through the resolutions.

So this is our construction update slide.

Perfect.

So structural and and interior renovations of the powerhouse located in right field down to the first base are underway.

Uh this includes starting the extension towards the right field and first base.

Uh roof work is underway as well on the pattern shop, home plate building and third place building.

Is underway.

Okay.

This is our August spend report.

Stadium costs today continue to trend similar to our initial cash flow estimates.

There's a slight lag seen on the chart.

And that's for two main reasons there.

The first is delayed invoicings for some design service work, which will be caught up in the next sports authority meeting.

And then the second is a result of savings realized by EMJ within the guaranteed maximum price during the project to date.

These savings are recouped to the owner within EMJ's contract.

They are being utilized to cover unforeseen costs, not within UN EMJ's scope of work originally.

And if we'll go to the next slide.

Okay, this is our 26th Street site prep and team supplied equipment.

These columns represent the amount reimbursed to the developer and the team for completed work and do not reflect the total percent complete of the scope of the project due to the lag and draw on submittal and approval.

So you've got remaining budget spent.

DBE participation.

This shows a progress towards the 30% requirement participation goal that was set.

This pending amount is a single contractor that has submitted their certification paperwork and is awaiting response from the certifying agency.

And we've got a drone video for you.

Well shows the progress.

That was a month ago, too.

Starting to look like a stadium.

This is fantastic.

Okay, and we're almost to the end of the video.

Okay.

Andy.

Do you want to speak to any of the yeah?

I'm listening.

I'm listening to the stadium folks chatter, and I was like, would you like to come to the mic?

Happily too.

Uh hi everybody.

I'm Andy Stone.

I'm with uh perimeter properties.

Uh we're just talking, this is a month old already.

Uh obviously a lot of progress has happened.

Um I know we had a lot of water yesterday.

One of the things we designed, I was telling the team earlier, we designed a drainage system and a field stability system to handle excess water flows.

It was part of the early work we did was the Jack and Boar underneath the interstate to make sure the stadium drained.

We had no delays, even with all the intense rains that we had.

Um can't say the same for T Dot, but we uh were able to uh drain the field and everything was back to work.

Um we've had very little downtime with the weather, which has been uh surprising and very fortunate.

Um but the work you see here is already a month old, concourse is open, you can get upstairs.

The pattern shop work, you're not seeing the details of the inside of that, but all walls and framing, elevators, staircases, all the points now are accessible, um which is really nice.

So we're out we're out of ladder mode and into the into the work.

The other pieces here that you're not seeing is we did close the riverwalk down last month.

Uh that went well.

Um obviously there is some public concern about the riverwalk closure.

We're working to get that back open.

That work began.

It was critical to get the water and utility infrastructure in place.

Uh water line is now basically where the excavators you see in this picture are.

Uh so that's making the connection around the backside.

Uh electrical completion starts again next week, so they start back on site from a utility standpoint.

But all in all, the project's going very, very well.

Uh happy to show you guys anytime you guys need to have a tour, anything, but uh it changes every day.

So uh again, can't give EMJ and the team here enough credit for all the hard work that's going in and uh all of our partners down there.

So schedule.

Schedule, yes.

We are we are uh on schedule, which is phenomenal as well.

So any estimates now about how long the river walk will be closed.

Uh you know, we've was so hopefully we get it open in the beginning of next year in Q1.

Um, there's a lot of work that has to happen.

So utilities was key.

So um they have to get water on the buildings for fire suppression and plumbing testing, and so that was the key component from a schedule standpoint of why we had to shut it down.

And we we we kept pushing it off as much as we could and finally ran up to the time frame where we just had to close it.

Um the goal is to get it open as quickly as possible and resume connectivity.

Um, it's gonna be really weather dependent.

A landscaping and planning's uh the retaining walls are going in, so the concourse is supported.

The river walk will be down here, the permanent river walk, and the concourse is supported.

Um, and so it's really a lot weather dependent.

Like they didn't do that, was a piece of work that nothing happened yesterday, huh?

For example, and and maybe maybe some work today will, but it'll all be weather dependent.

Okay, the bicyclists will be happy whenever you can yes, and you know, it's it's unbelievable.

I remember when that river walk section first opened, and you know, you'd see one or two people a day, and you know, when even up until right before our closure, you know, it is a very busy section of the riverwalk, which is a wonderful thing, and uh you know it's gonna be phenomenal when we get done with it, and it you know it's uh we'll get it open as quick as we can.

Alrighty, thank you.

Well, that was great, thanks.

Terrific.

Thank you.

With that that update on public works, we'd now like to move back to the agenda.

Remember numeral item five.

This is a resolution for a change order.

And so this change order orders to the executive architect contract.

The funds are reimbursable expenses that were included in the contract language, but not funded.

It also captures multiple design revisions that have occurred throughout the design and construction phase.

Uh and those uh revisions include the first raising the field level 10 feet during the schematic design phase, design revisions to the powerhouse, the pattern shop, the third base building, uh revisions to the kitchen equipment and coordination, uh, theme or regulation coordinating coordination and structural and mechanical coordination for team provided items.

So that is uh the resolution for change order number one on this item, and we'll need uh a vote for this one.

Is this all within the pre-approved budget?

Um we approving additional funds.

Um Jeff I'm just following on the RPR um representing Bill and Court Project.

Um Clay wasn't able to be here this morning, so I found out at the last minute that I needed to come down and answer questions.

Sure.

So um your question was um in the initial overall per project budget the 86 million, yes.

Um all of these funds are still encapsulated.

So all three of the change orders that are gonna be discussed today, the project is still under the the total project is still under the 86 million dollar budget.

Okay, so we're still under budget.

And um point on this change for the architect.

In the in the initial resolution for the executive architect, there was a 400,000 dollar contingency.

So this resolution will my understanding from Bill Payne.

This resolution will override the initial.

So that 400,000 contingency goes away.

So there's really only a delta of it's a seven, what is it, 729?

735.

735.

So it's really only a delta of 335.

Okay, because there was a 400,000 dollar contingency in the initial resolution that will be offset by this.

Okay.

So and the bulk of that was back in schematic design when we had to raise the field up 10 feet because TDEC had concerns about groundwater at the lower levels and contamination transferring from off so off property site.

There was contamination that was discovered in an adjacent property.

That they were concerned if we went as deep as we wanted to go and we're having to pump water on a daily basis for several weeks.

We might draw that contaminated water closer to the property.

So with the decision was made to raise the field from the initial design.

That's where the bulk of this expense is coming from.

So I don't know if this is a question for Jeff or maybe Phil could help, but you what makes a change order come to us for approval versus just like the day-to-day because you have an initial contract for the services here, and you have to have a CRF or change order request form made, and that would bring it back to you all here for this increased amount.

Okay.

Although it is under the overall project budget is a change to the architect's contract.

Okay.

And so changes to the contract amounts would have to go to three you guys.

I see.

Okay.

So it just wasn't in the original contract, but it's still within our allowable budget.

Right.

And then the 45,000 dollar reimbursable was on it was in D HW's original contract, but it was never captured in the funding.

It was kind of a separate line item and it got missed.

So that we're we've been paying those invoices, but the funding was never there captured.

So okay.

Well uh I appreciate that that question because it helps me kind of understand.

But um how much um sorry, my mom.

Uh uh, she doesn't get blocked when my phone's turned off.

All good.

Um much is there, I guess, in the other category that I I guess it's like um underneath that 86 million dollars that isn't allocated.

I mean, do you know the answer to that?

I don't have those numbers with me right now, but after the three resolutions today, I believe it's somewhere between three and five hundred thousand that's still it's still un un allocated.

Unallocated for so okay.

So that that might be.

I don't have the exact number with me, but that'll be roughly then half of that will be allocated to this.

No, that that's after that would be after what's left now.

After the three resolutions today, if all three resolutions today get approved, they'll that's how much will still be left on the initial budget unallocated.

Okay.

Just curious, just renovated a house and now that that area gets gone quick.

So doing that today as well.

Yeah.

Okay.

Yes, ma'am.

I thought I had this until you kept talking.

One other question.

Budget versus allocation.

I'm looking at the budget, 125 million in total, and then it says amount remaining of 110.

Is that uh will this contract be part of the encumbrances?

I would have thought.

No I'm not sure.

Uh now where what numbers you're getting.

Um I'm I'm sure Paul does that.

This contract has already been approved, and this is a uh uh change order.

What's the initial contract value?

For the about executive architect's contract, yeah, that we have already approved with the process.

It was um I have that took the total for professional services with this.

No, I'm just on a little contract thing.

We've only approved it to the so it was it was um hold on, I have her here.

We've encumbered 59 or something.

I thought this contract is GW.

I don't know if that's a professional service executive architect contract.

Uh this is not necessarily this contract, this is this um, I'm just thinking in total how much has been how many.

So the initial um the initial contract was a three million nine fifty-eight for basic services, three hundred and eighty-five thousand for additional uh services, and a four hundred thousand dollar design contingency for a total of four point seven four three.

Right, which is all encompassed in the fifty-nine million dollars, I assume.

My question was how much of this total project has been contracted out, not spent.

Is it the 59 million, 59 and a half million plus the 14 that's already been spent, which makes it 37.

Yeah.

37 million we spent today.

How much we've spent today?

Yeah.

Across all project means we can't.

Yes.

Yeah, about 37 million.

Across our projects, you took is how much?

It's 37.

It was on Sharita's slide.

It was 37 million, is that right, Sharita?

Of the 125?

Yeah.

Well, that's across all projects.

That's okay.

All right.

Well, we'll uh I think Paul knows my question.

So he can answer it.

You can even answer it next time.

But if you want to now, that's fine.

Um if if you'll just look on me.

Uh financial page that he presented.

That's $59 million in encumbrance for the entire project.

So it's inclusive of a lot of things other than probably EMJ.

Yeah.

Yeah, yeah.

And is this a professional service since it's the architects?

Well, the professional services line doesn't have any encumbrance, but other than actual million three actual, I didn't know.

Yeah.

The professional services line here has six million budgeted with nothing encumbrance.

So I'm assuming all of the encumbrances are in one line item.

Okay.

Okay.

All right.

I'm not sure.

If I can see the paper, the paper you're looking at, I might I can understand your question better, but I'm not sure where um we can make it any other questions?

Do you have any other questions?

Does anything else need to be presented for all three of these change orders?

Or do we should we just I think you should do them one at a time on here?

But he's told you that at least there will still be money in the bank at the end of all three of these changes.

Okay, yes.

Yes, so we'll go ahead and go on number five, then and before we uh take action, I uh and I'm I'm just curious here.

Uh, but have there been any items anywhere along the way where maybe we've seen hey that there are potential savings here and there, uh, because I know that uh I don't mean we're gonna take these one by one, but getting down to you know three hundred three hundred thousand and some change.

I mean, that's uh in the scope of a project like this, it's not a lot of money.

Um and it has there been anything like that, just being curious.

I think you uh so the 300,000 is unallocated, it's not contingency, so it's different.

There's two different buckets, right?

So there was two different sets of contingencies put in, right?

So there's owner directed contingency that was in control of the sports authority, and then there's contingency that EMJ is carrying.

Zero dollars have been spent out of the EMJ contingency at this point.

There was also a bucket of unknowns or unallocated funds where allowance items were put into the budget.

So um trying to think of an example of something.

Um FFNE is a good example, right?

Where they didn't know the exact detail of the cost, and so those are coming in under budget, but some of the savings there has been reallocated, and that's what this reallocation is, right?

So we're still haven't dipped into contingency from the contractor side yet, which is important because you're right.

300,000 with a lot of work left to do would be would be uncomfortable at this point.

But that's not it's it's the reallocation of the funds across the items.

I thought you were saying we have 330 total sludge.

I'm like, well, that's scary.

Yeah, no, no, no, no, no.

And Ms.

Daisy, just to clarify too, you know, there's so many different pieces of that 125 million dollar capital stack is what makes it complicated too, with you know, your your your consultants are work, the team's work, right, to get to that total package number.

You know, that's why there's the that summary slide, which is also I believe at least 30 days in a rear where we're actually spent to you know what you're seeing is at least 30 days behind where the actual dollars are today.

So on the construction side, there has been signific we have found significant uh places where we were able to equip and get savings in initial buyout and also in um some of these redesigns were for cost savings purposes, so there was addition there's additional expense in redesigning something so that it would cost less to build.

So and and this change order is just design cost, so it's for the architect.

Okay, that thank you.

That that helps me a little bit better.

But before I became a lawyer, I used to dig in the dirt a lot on construction jobs, and the fact that you're leaving this 10 feet higher, is that a savings on some cost in connection with this project?

Long-term OM, but we counted for that a long time ago.

Yeah, that was uh that was never EMJ never made the deeper design.

So they never dug the 10 foot deeper when they were going.

That was uh that was a late 2023 change.

Yes, okay that we're just now getting the architect's contract caught up too.

But if we'd had to dig 10 foot deeper, you'd have to carry that out, you'd have to dig it up, and you'd have to take it somewhere, which would have increased your cost, correct?

Exponential.

And and and it wasn't dirt, so you can't just put it anywhere.

Yes, uh there were there were actually was although there was a significant redesign fees, there was probably significant savings in earthwork by doing that.

Not to mention possible permanent groundwater control measures had we gone that deep.

Yes.

So those these were several of the reasons why we made the change to move it up.

Okay, Daisy.

I'm impressed, Bill.

One attorney to know those kinds of questions.

Bottom line, item number five.

The contract value 5.1 million dollars.

That is below the budgeted amount for these services.

Is that correct?

Well, within.

No, it would be a change to the budgeted amount for these services.

Okay.

But we're but I was saying the overall project is below the of the 125 overall project.

Which overall project?

The 80 million.

80 for 86 million for the stadium.

Okay.

This is would be considered soft cost on the 86 million.

Okay.

It's another, it's a delta of 335 K on the architecture costs.

Is that is that correct?

For this change order?

Yeah.

Yeah.

So it's a it's an increase in their contract by 735,000.

But there's also a 400,000 contingency that was being carried that'll go away.

Right.

So it'll be a delta of 335906.

Got it.

So will the budget be reallocated to show that so that when we see a budget now, it would show the changes.

So you're gonna amend the budget as well.

Yes, ma'am.

Thank you.

Gotcha.

One last thing.

So in order to cover that 300, you're gonna have to pull it from another area.

Higher.

Oh no, that's not fair of you than 125 million dollar contract.

I mean, budget for this whole project.

In order to increase yours by 300,000, then something else is gonna have to come under.

Is that correct?

It that it's it already did.

There was there was can you explain that chat?

The initial budget for the 86 million included the whole 86 million, but in the initial contracts and agreements that were written did not cover the whole 86 million.

There was extra money.

There was money above, and that's where this is gonna come from.

Okay, so then it is within the 86 million dollar budget.

Okay.

So it is all right.

Thank you.

Okay.

I'm not sure the legal names for the different piles of money, but they're piles of money.

So that's why Bill Payne's usually standing here.

Well, thank you, Jeff.

I'll ask the board is there a motion to approve?

Is there a second?

Second.

Okay, all in favor?

Uh aye.

Any opposed?

Okay.

That's Jeff.

Um, I'll say here.

I've since a resolution authorizing change order for D2301302 S and ME construction materials testing contract adds special inspections in the amount of 143,615 for a total contract value of 327,062.

Yep.

Okay.

So this change order adds special um inspections that are required for proper quality assurances of the construction contract and for building codes and other regulatory requirements.

So I guess that's that's all I have for this item.

Okay.

So I'm assuming the same applies to this as the other conversation.

That is correct.

Is still within budget.

They're still within budget, yes.

For this particular contract.

Was there something that transpired to cause a doubling of this portion of the inspection budget?

Jeff, you might be able to answer this better than I can.

It's the materials testing.

Yes.

So SNME has been was contracted to do materials testing.

They um test the concrete when it gets poured to make sure it matches the um tests the steel, they check they bought test mortar.

Um it's third party spectrum.

There's third party inspections uh to make sure that codes are being followed and make sure that the contractor and the owner both are it's uninvolved in the testing process.

Right.

And um, this is with these contracts for third-party testing at the beginning of any project, a lot of assumptions are made based on typical and uh you know the we had to put a budget together before we had a complete design.

So there were assumptions made on how many concrete testing there would be how much steel testing there would be.

And some projects you get halfway through the project and realize you have way too much money, you're not gonna spend it all, and others you realize that you had assumptions that were made were wrong.

Uh for example, on this project, one of the assumptions that was made was um early on, and one of the reasons for this change order is um structural steel inspections.

They're uh typical projects.

Moment welds are ultrasounded to make sure the welds are complete and installed properly, typically 10% of the welds.

On this project, there was the whole big huge building that runs down the third baseline because of the unique steel structure of that building.

The engineer wanted a hundred percent of the welds tested.

Well, their their initial budget was based on a 10% assumption.

So that was a significant increase in their cost.

Thanks for that.

Appreciate the example.

That's good.

Is that because we were hooking on to older structures here as well?

I wondered about the that's part of it also explained too.

So uh this is the third party inspection requirement under the IBC.

So IBC requires you to have a third party independent inspector to do this stuff.

So that's an engineer's discretion.

So the sports authority structural engineer just said, hey, I feel better giving you a level of confidence in certifying that these moment joints are are functioning as designed.

So that was a call by the structural engineer, not necessarily a code or otherwise requirement.

But no, those two buildings are structurally isolated from each other, even though they connect, they're still they're still designed independently of each other.

Okay, so there's independent design of the new structure versus the old structure from scratch.

Okay, for the third base building, right?

So this just was um this change order, but there were more testing and more um requirements than was anticipated.

So this is a a change order to get us to where we think will get us to the end of the project.

Hopefully, it hopefully a little over getting us to the end of the project.

So just clarify it's a change in the contract, but it's still well within the overall budget.

Yes.

Okay, it's just a change to SNME's contract.

Right, but it is still within the overall budget, yes.

Any further questions?

There are a motion to approve number six, so moved.

Second all in favor?

Okay, uh number seven, a resolution authorizing payment to pipe properties pursuant to the escrow agreement in the amount of 167,862 from the unallocated interest approvals of the sports authority's bonds.

Okay.

So this covers the escrow escrow agreement between the sports authority and pipe properties to provide funding for site preparation of the stadium, and includes this payment to pipe properties by the sports authority to cover certain carrying costs associated with placing the funds into escrow up front at the time the bonds were initially sold.

And so I may ask finance or someone to answer any questions on that one.

Any questions?

I'm just curious as to the unauthorized interest is part of your total budget.

Is that correct?

With an estimated amount, we'll call in uh authorized unallocated interest is not part of the budget.

I will have to look into that for sure, but unallocated interest, yes.

That's um over that's interest that's already accrued over the 86 million, so it's not part of the budget.

It's not part of the budget.

Okay, so how is that then accounted for as part of our total stadium cost?

Well, that would not be included, I believe, in the same cost because things that are associated with the bonds are not directly related to the construction of the stadium or the infrastructure around it.

That is my understanding.

This payment, I believe, is in for the construction.

However, I believe the question was about the bonds and relation to the bonds and the budget.

Is that what you were asking?

I'm asking my item number six.

Yes.

Authorizing payment to pipe property, and the fourth of that payment is unallocated interest on the bond.

Okay.

So I have to confirm that with Bill and them, but how they're wanting to pull those funds from the interest bonds.

But I have to find out from him.

We can answer that later.

Yes.

So was that in the middle of here?

The original escrow agreement.

The escrow escrow agreement, which is attached here to this resolution, uh was actually signed back in October of 2024, and it was uh of all people approved, I think, by Mr.

Knoblett here as your attorney at that point in time.

Uh paragraph five in this document here has got a provision that says so long as the committed funds remain on deposit uh with the lender, all interest earned on the committed funds deposited with the lender shall belong to pipe, less lenders' customary servicing cost, if any.

So it provides in that agreement that they would receive uh those funds uh that are interest earned on the committed funds during the term.

And uh that that agreement was uh just completed uh based upon the uh request of the Westboat Banco Bank, which is the the bonding company, I believe, in connection with this matter as well.

And that that document was approved by the sports authority.

So that's a contractual obligation.

So what you're saying is we authorize all of the accrued interest on the bond to go to pipe.

Provided that there were committed funds remaining on deposit with the the lender, all interest on it would go there, but it's only the interest that is remaining on that, yes.

So that will not be shown as an expense of our of for the stadium corporation, even though they're accruing from stadium bonds.

Yes.

Interesting.

Interesting.

Well, if we're under obligation under your agreement, yes, and then probably not much to discuss, I guess, huh?

Well, that's what you said you'd do.

Okay, yes.

And I don't it's sort of it's it's sort of a roundabout way of increasing the allocation or for the cost of the project.

Um, because normally that interest accrual or that interest income could be used by the stadium, and indeed it is.

So I don't have a problem with the interest being used for the project.

It's just that it doesn't show up as part of the accounting, so it doesn't really show the total cost of the public.

I would argue that it probably should show since it's based upon this agreement here.

Well, well, that's okay.

Well, that's well, maybe we're on the same page we'll get in two different places, but so I'm back to whether or not that shows up or how that shows up, or if it shows up in the case.

Can we have it show up?

Yes, yeah, yeah.

Okay.

Thanks.

Yes, ma'am.

Attorney talk versus the county topics.

Yes, ma'am.

I I don't have a problem with it showing up at all.

No matter any further questions.

Is there a motion to approve?

Second.

I move for approval.

I'll second all in favor?

I don't know.

Any opposed.

Okay.

Um item eight.

Is there any other business to discuss?

Any other comments to be made?

If not, we'll adjourn.

Oh, wait, can we item eight is one involving Chattanooga gas company?

Yeah, yeah.

Yeah, we have one final item.

You haven't done a would you like for me to read that or business?

Uh-uh.

Oh, no, I don't have eight.

Yeah, we added.

Oh, the amendment, I see.

Okay.

Um, a resolution authorizing the chairman or his design to execute agreements or other documents with the Chattanooga Gas Company related to establishing natural gas service to the South Broad District Ballpark and authorizing payment for an amount up to 80,002 one cent.

This last item is related to um national natural gas service is needed to service the team's food operations at the park.

There's currently natural gas, but it's on the other side of the riverwalk, and so this agreement would extend that service to a metering metering point at the ballpark.

Yeah, we're gonna I was gonna make sure is this part of the budget, yes.

Okay.

Thank you.

I move for approval.

Second all in favor?

Any opposed okay.

Thank you.

I have a question for you.

Yes, sir.

I didn't mind a loud voice.

I didn't hear about like TIFF money collected to service the bonds.

How do we know we're taking in enough to service the bonds?

Is that a part of this meeting or somewhere else?

I'm not sure if that's a question we would answer, but I'll I will defer, of course, to the administration because I don't want to miss state.

But if there isn't any understanding is that the TIFF will not start coming in until the project is that right, guys.

So I I will start by saying that the this um TIFF district is already generating increment.

So that increment is coming from development and the parcels within the TIFF district that are already coming up and have already had increased value.

So we're all we are already receiving TIF increment.

I don't have that number in front of the thousand and 59.

I don't know on the initial 59 plus yes, I can confirm we have received some TIFF funds.

Uh but I'll have to go back and make sure I give you the specific amount.

But uh this is just been the first time, so it wasn't it wasn't much.

Okay.

I mean it was taken ahead.

Good question, thank you.

When and why did the clock start on whatever date it started on?

What is it?

Yeah, uh my understanding was uh administration went by and I can't say for certain, but uh they just saw that you know some activity was occurring, so you want to go ahead and start that okay process.

Well if you can answer it, yeah.

So there's a there's a three-year triggering provision inside the TIFF saying that all properties within the TIFF district have to be triggered by within three years of the stadium opening, and so the first batch of the triggering occurred.

I think it was around 70 properties plus or minus.

Uh so that's where that TIFF revenue is coming.

So there's still a whole host of other properties inside the TIFF district that haven't been triggered to start pulling that revenue into the into the state of location.

Okay.

And but go ahead.

Uh I'm just curious where I where I can find that information just to look at it because I was in a meeting at one point when some of this was uh discussed.

Not I just don't even remember where the district is, and I don't feel like I should uh you know you can pull off the property records, but uh the without having to individually do that.

Do you know if there's a centralized place you can pull the to just the TIFF district?

I will find that.

There's a link somewhere in the tree that's a drop box file somewhere, but I can't remember where.

Yeah, I don't know.

That's just curious.

All right, you actually send to our board members the TIFF district documentation.

We actually would appreciate that.

Yeah, we'll get that to all the board members.

Thank you.

I will do that.

Okay.

Great question.

Thank you, sir.

Um for future meetings.

Is it possible to show how much TIFF dollars are coming in?

I mean, I don't I wouldn't necessarily offer it.

And if we can compare that to what the projections were, because obviously there's a lag with the projections based on the development, but sure.

Um I think all that was factored into the projections when we approved all of this.

So if there's a side by side of kind of like the chart you'll do now, essentially TIFF revenue coming in versus what the projected TIP revenue was at that point, something like that would be helpful.

Absolutely.

We'll add that.

Yeah.

Thank you.

Thank you.

Thanks.

Sir, anything else?

No, it was it.

Okay.

All right.

Thank you.

If there's nothing else, then we'll adjourn.